Ethereum, the second-largest cryptocurrency with the current market capitalization of $22.7 billion, is hovering above the critical $210,00 handle. The coin attempted a recovery towards $218.00, but the upside momentum faded away and pushed the coin inside a tight range. ETH/USD has been moving sideways during early Asian hours, in sync with the cryptocurrency market sentiments. At the time of writing, ETH/USD is changing hands at $211.40, mostly unchanged since the beginning of Monday
This past week, there was a short term recovery in bitcoin and Ethereum against the US Dollar. The ETH/USD pair formed a decent support base near the $200 level and later started an upside correction. It traded above the $210 and $215 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $279 high to $191 low.
Additionally, there was a break above a major bearish trend line with resistance near $212 on the 4-hours chart of ETH/USD. The pair even traded above the $220 level, but it remained well below the 100 simple moving average (4-hours). It seems like the $225 level acted as a strong resistance and prevented more gains. There were two rejections noted near the $225 level before the price declined below $220.
Moreover, the price remained well below the 50% Fib retracement level of the downward move from the $279 high to $191 low. On the upside, it seems like there are a few important resistances forming near $225, $230 and $235. The 100 simple moving average (4-hours) is near the $230 level to act as strong hurdle for the bulls. Therefore, a close above the 100 simple moving average (4-hours) and $235 is needed for an upward move.